OTC Pharmaceuticals - Vietnam

Vietnam

In Vietnam, the OTC Pharmaceuticals market is projected to generate a revenue of US$870.90m in 2024.
It is expected to experience an annual growth rate of 6.48% (CAGR 2024-2029).
Among the various markets, the largest market share belongs to Other OTC Pharmaceuticals, with a market volume of US$269.60m in 2024.
When compared globally, the in the United States leads in revenue generation, with a total of US$41,240.00m in 2024.
In terms of per capita income, each individual in Vietnam is estimated to generate US$8.75 in revenue in 2024.
Additionally, online sales are projected to contribute 12.69% of the total revenue in the OTC Pharmaceuticals market by 2024.
Vietnam's OTC Pharmaceuticals market is experiencing a surge in demand for traditional herbal remedies as consumers seek natural alternatives to modern medicine.

Key regions: United States, China, Germany, Japan, Europe

Definition:
The Over-the-Counter Pharmaceuticals market includes non-prescription medications, treatments, and healthcare products that are available directly to consumers without a prescription from a licensed healthcare professional. It includes both products which are exclusively sold in pharmacies and products which can be purchased elsewhere such as supermarkets, and online retailers. Sales by hospitals are not included.

Structure:
The market is subdivided into Analgesics, Cold and Cough Remedies, Digestives and Intestinal Remedies, Skin Treatment, Vitamins and Minerals, Hand Sanitizer, Eye care, Sleep aids, Wound care, and Other OTC Pharmaceuticals. The Analgesics market covers non-prescription pain-relief medications which help to relief aches, pains and fevers. Cold & Cough market covers non-prescription remedies aimed at relieving nasal congestion, coughing, sore throat, and related cold discomforts. The Digestives and Intestinal Remedies market encompasses non-prescription products designed to alleviate symptoms related to digestive discomfort and intestinal issues. The Skin Treatment market includes non-prescription medications formulated to address various dermatological concerns such as acne, eczema and dryness. The Vitamins and Minerals market comprises non-prescription dietary supplements containing essential nutrients such as vitamins and minerals. The Hand sanitizer market covers sanitizing products which are applied on hands to effectively reduce the presence of bacteria and viruses. The Eye Care market covers non-prescription products to address common eye-related discomforts such as dryness, irritation or redness. The Sleep Aids market covers non-prescription products designed to promote relaxation, alleviate insomnia, and improve sleep quality. The Wound Care market includes non-prescription products designed to facilitate wound healing and prevent infection.

Additional information:
OTC Pharmaceuticals comprises revenues, average revenue per capita. Sales channels show online and offline revenue. Revenues include VAT. The market only displays B2C revenues, hence B2B and B2G revenues are not included.
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Market

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Analyst Opinion

The OTC Pharmaceuticals market in Vietnam is experiencing significant growth and development. Customer preferences are shifting towards self-medication and convenience, leading to increased demand for over-the-counter medicines. This trend is driven by various factors such as the rising middle class, increasing healthcare awareness, and the availability of a wide range of OTC products.

Customer preferences: Vietnamese consumers are increasingly seeking self-medication options for common ailments and minor health issues. This preference for self-care is driven by the convenience of purchasing OTC medicines without the need for a prescription or a doctor's visit. Additionally, consumers are becoming more health-conscious and proactive in managing their well-being, leading to a greater demand for OTC products.

Trends in the market: The OTC Pharmaceuticals market in Vietnam is witnessing a surge in sales of products such as pain relievers, cold and flu medications, digestive health remedies, and vitamins and supplements. These products cater to the common health concerns of the population and are easily accessible in pharmacies, convenience stores, and online platforms. The market is also witnessing a rise in the popularity of herbal and traditional remedies, as Vietnamese consumers have a long-standing cultural belief in the efficacy of natural ingredients.

Local special circumstances: Vietnam has a rapidly growing middle class, which is driving the demand for OTC pharmaceuticals. This demographic segment has higher disposable incomes and is willing to spend on healthcare products and services. Additionally, the country's healthcare system is still developing, with limited access to healthcare facilities in rural areas. As a result, OTC medicines provide a convenient and affordable option for people to manage their health.

Underlying macroeconomic factors: The growing OTC Pharmaceuticals market in Vietnam is supported by several macroeconomic factors. The country's stable economic growth and rising GDP per capita contribute to increased consumer spending on healthcare products. Additionally, the government's efforts to improve healthcare infrastructure and promote health education are raising awareness about the benefits of self-medication and OTC products. The expansion of retail channels, including pharmacies and convenience stores, further facilitates the accessibility of OTC medicines to consumers.In conclusion, the OTC Pharmaceuticals market in Vietnam is experiencing robust growth due to changing customer preferences, increased healthcare awareness, and the availability of a wide range of OTC products. The convenience and affordability of self-medication options, coupled with the growing middle class and supportive macroeconomic factors, are driving the expansion of this market. As Vietnamese consumers continue to prioritize their health and seek accessible healthcare solutions, the OTC Pharmaceuticals market is expected to continue its upward trajectory.

Methodology

Data coverage:

Data encompasses B2C spend. Figures are based on the OTC Pharmaceuticals market values, representing revenues generated by both product sales which take place exclusively in pharmacies and products which can be purchased elsewhere. Sales by hospitals are not included.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use data from national statistical offices, international institutions, trade associations, and self-medication associations. Next, we use relevant key market indicators and data from country-specific associations, such as consumer healthcare spending, out-of-pocket healthcare expenditure, health system accessibilities, and GDP. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. Whereas this market covers only OTC drugs, the Statista Pharmaceuticals market covers both OTC and prescription drugs.